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MONEY With Melissa Francis

Melissa Francis with a breakdown of the day's top stories and their impact on the American Taxpayer.

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01:01:00

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San Francisco, CA, USA

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Channel v761

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mpeg2video

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ac3

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1280

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720

TOPIC FREQUENCY

Russia 21, Ukraine 19, U.s. 13, Europe 8, Us 6, Melissa 5, Crimea 5, Imf 4, John Kerry 3, Italy 2, Jonas 2, Scottrade 2, T. Rowe 2, Greece 2, Taylor 2, Pimco 2, Loop 2, United Ukraine 2, New York 2, Boeing 2,
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  FOX Business    MONEY With Melissa Francis    Melissa Francis with a breakdown of the day's top  
   stories and their impact on the American Taxpayer.  

    March 3, 2014
    2:00 - 3:01pm EST  

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>> appreciate it. thanks for having me. cheryl: melissa francis will take us through the next hour. did you watch the oscars? >> i didn't. i was watching "house of cards" and burning through the episodes. we kept saying we would go to the oscars and we didn't. cheryl: where are you through the "house of cards"? >> halfway through the season. don't give it away. fears after war with russia and ukraine. this is happening with days military defense budget.n investors are running from stocks instead going into gold and oil. we're talking to former ambassador to ukraine right now. even when they say it's not it is always about money. melissa: we are kicking off with the markets. they're selling off big-time as tensions mount between ukraine and russia. we have james romelli at the
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cme. where are you seeing action the most? >> obviously we're seeing the broader market come off quite a bit here. it is very dangerous for this market to trade off of headlines coming out of the region. we had one majorly conflicting story out of the region today. i think trading off of that can be very dangerous. as a trader i want to focus on price action and overall. stocks tied to russia falling off the most. rsx, russian equity etf traded here in the u.s. we're today seeing something very interesting in this name. all last week we saw puts outtrade calls pretty much every day as investors got more and more bearish the fund going into the weekend. niece comes out over the weekend and today the script has flipped a little bit. we've seen calls outtrade puts in opening hours. day. the stock opened down 9%. it has come off the lows. some of the biggest orders to hit the tape today are sales of march 21 puts, almost 20,000 times sold this morning 40
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cents, indicating traders believe there is floor in this at 21. they believe the situation should improve as we go through the rest of the week here. we glanced over good data this morning because of this if we didn't get news over weekend. we would look at date and ism and construction spend something concerned about. a little bit of a bright spot. if we didn't have ukraine deteriorating over the weekend i think market would be highing. >> absolutely. vix is pulling back from the highs of the session. james thank you very much. >> thank you. >> for more i'm joined by the u.s. ambassador to ukraine, william taylor. thanks for joining us, ambassador. obviously you have a plan for the region having spent so much time there. you are laying out a plan of action. you think ukraine has to exercise restraint. why? >> i do. i don't think president putin is
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thinking about this reasonably. the ukrainians need to give him some ability to back down. the ukrainians will fight. if president putin sends his troops across-the-boarder from russian to ukraine the ukrainian military will respond. i think there needs to be diplomacy. there needs to be reachout on the part of the ukrainian government on part of russians to the east to demonstrate there is no threat to russians in the eastern part of their country. melissa: how do they give putin that opening? they offer to sit down? >> yes, exactly. i think president obama indicated in his long conversation with president putin that there is mediation role the international community can play. that russians and uraniums need to sit down to work out an agreement whereby there are multiple ways you can do this, but one of course is to have an enhanced autonomy for crimea. crimea is already an autonomous
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district for, within united ukraine. it ought to stay within the united ukraine but there can certainly be discussion what is that autonomy is. >> is there a role to go in to broker that conversation or do we in particular add fuel to the fire? >> i don't think we are in a great position to broker it. i think we can certainly put pressure on president putin as we have been doing in terms of economic sanctions. he is clearly behaving as an outlaw, as a rogue nation. rowing nation, outlaw nations are not in the gcountries. rogue nations oven have sanctions placed on them this. can affect his economy dramatically as president putin knows. melissa: ambassador taylor, great thoughts, thank you. >> thank you. melissa: we're hitting story from every angle. it is today's "money talker", here to discuss, judy miller with the manhattan institute. she is also a fox news contributor. john lonski as well, moody's
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chief economist and brian sossi from belus capital advisors. judy, i want to start with you. what do you think of what you just heard? >> i agree almost absolutely with what ambassador taylor said, we need to give putin a chance to opportunity to back down from the him he climbed down on. melissa: do you think he would take that opportunity because he doesn't feel a backdown kind of guy to me? >> no he is not. if he accomplishes what he wants, independence of crimea and as as insurance of use of that base i'm not sure he wants to send his troops into eastern ukraine? why would he do that? look at reaction of the russian stock market, 12%. the ruble is in freeh fault. the central bank had to raise interest rates to stop the currency from completely falling apart this is not a really strong economy. melissa: no. >> and -- melissa: it is not. do we want to apply any sort of economic pressure, do you think?
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>> only if necessary. we want to use economic pressure if diplomacy fails. right now the reason why the price of oil is higher, the german stock market is down by 3.5% is because of concerns that such sanctions would boost energy costs by enough to damage real economic activity. melissa: without question and to me it seems like, brian, the long-run move here is to develop even more natural gas we can export as lng or maybe we export our own technology and partner with people in europe to develop natural gas. the real power russia has is their natural resources. you think we can take that away from a market perspective? >> well you are concerned about higher energy prices especially the winter we just had. when i hear what judy said and former ambassador this would be prolonged. how will it impact my investments told to be overweight europe because europe is been improving but is a major risk to that investment thesis. you could see continued selling.
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wait until you see how it shakes out. don't be a hero today. melissa: what do you think about that, judy, as an arguement? developing more energy and helping the world to be more energy independent of hot spots? we don't need to just focus on middle east but energy independent of russia as well? >> absolutely. anyone involved in the middle east, as i have been for so long this would be a huge game-changer if we achieve energy independence. even if europe was still depend won't which they still be on russian gas and oil it will alleviate demand and price. there is no reason to do this except we have to do it responsibly and be concerned about the impact of fracking on water, et cetera, et cetera. melissa: exactly. john, a lot of people make the argument it take as while, takes a while to develop practice fracking assets in europe and develop the technology. we better get started right no? in united states the response to fracking and natural gas plummeted. we have to be more aggressive on
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the energy front. we have to realize a pristine environment can come at a very high, if not unacceptable cost. >> yeah. brian, in terms of safe guarding your investments as we watch this unfold, what do you do? what's your plan? >> i would have no problem telling people to actually sell into the weakness. why is that? because this headline risk can morph into fundamental risk. melissa: really? you want to sell into the weakness. >> yes because i'm not, i don't have that signal yet that the sell something over if i wake up tomorrow, i see all the negative pictures, many people other than starbucks. costs $250,000 to open a starbucks in russia. that is risk to their results nobody is thinking about. melissa: judy what is your prediction what putin will do? those forecast that he will get much worse as he spreads his power out? >> i think it depends on the calculation he makes about the financial, military reputational
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price he would have to pay if he proceeds further. he is a very calculating guy. he doesn't take reckless risks. he takes risks. this one if he is convinced there will be a too high a price he may not do it. ukraine is so much more important to russia than it is to us and to the west. europeans, 28 of them had a long time to work on the ukraine problem. they didn't want to because ukraine was so corrupt and so difficult. so we are where we are. melissa: thanks to all three of you. appreciate your response. up next a new take why income inequality is bad for the economy. this time courtesy of thh imf. it is all about the call to redistribute. we're going to lay out both sides. and do you realize the day is coming when you literally won't be carrying any cash in your wallet at all? the newest player in the mobile payment game is loop and the ceo is here exclusively to show you what it is all about. more "money" coming up. [ male announcer ] we know they're out there.
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anbe a name and not a number?tor scotade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i ade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: ranked highest in investor satisfaction with self-directed services by j.d. power and associates. melissa: so a new twist in the fight over income inequality
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where a surprising report is taking the debate up a notch. international monetary fund now claiming that smaller wealth gap brings on faster, more durable economic growth. not everyone is ready to support this controversial findings but family research and policy advisor authored stud different dangers of income inequality. he joins us right now. let's dig right in. you say widening income inequality is second biggest worldwide risk over next 12 to 18 months. how so? >> i don't say that. the woold economic forum says that. melissa: okay. do you agree with it? >> i do. i think in the, i know in the last 30 years we've seen the degree of economic inequality become dangerously large. as we say in the oxfam, 85 richest people in the world own half, own the same amount of wealth as bottom half of humanity. this is dangerous for a lot of reasons. it is dangerous for democracy, if the wealthier able to
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influence the political process too much. as the imf report indicates it is bad for economic growth. if we care about economic growth we have to care about economic inequality as well. melissa: if you look at places around the world where they have worked hard to redistribute wealth are not exactly booming. greece is prime example where there has been a ton of income redistribution. italy, for example you see all kinds of corruption. these are not countries where the economy is growing fast, how do you reconcile those things? >> it is hard to reconcile those things, i think you hit it on the nose. in a lot of ways it is about the politicallism system itself. tackle corruption that worsen divide between winners and losers in society but i think we've seen certain policies seem to be reversing the trend in a handful of countries, for example in latin america. melissa: do you, in the u.s., i would think that you're pointing to income inequality here. do you see political corruption adds on to that and slows economic growth? >> i think economic inequality
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is complex issue and it derives and manifests in different ways in different countries but i think the capture of politics might be a connective tissue that links emerging markets and places like the u.s. in the u.s., it is more, sort of legalized attempts at influence such as lobbying. we see lobbying of the financial sector. we're able to deregulate our financial markets and create huge windfalls for those at very, very top of the distribution. melissa: so do you think here in the u.s., that income in equality is currently slowing growth? >> well, it is yet to be determined. we can look at the imf's report which gives pretty strong, empirical evidence that high rates of inequality can stifle long-term and durable growth. this is the international monetary fund. this isn't some left-wing socialist think tank. it is imf. melissa: so what is the final step? what do you see here in the u.s.? what would you like to see done in order to reverse the trend?
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>> i think again the issue is complex. it plays out in different ways in different places. we know certain things do seem to work. there are certain common policies across-countries. greater investment in skills training and education, insuring that the most vulnerable among us has access to health services. so you know, these ties of things in brazil, we see, you know, working to help those that are, that the bottom of the distribution, pull them out of extreme poverty by different types of conditionalities. make sure the kids go to school and out looking for work. there is an array of policy solutions we can look at. melissa: nick, thanks for coming on. we appreciate your time. >> thanks so much for having me. melissa: turn to economist peter morici of his take. what do you think about what you just heard. >> some things about inequality are bad. corruption that causes moscow to the have the largest population of billionaires and incredibly large bonuses on wall street. both of those are examples of
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corruption inappropriate use of political leverage and so forth but let's not confuse -- melissa: wait, peter. let me stop you. how are bonuses on wall street evidence of corruption? they're shareholders. you can sell your shares what you don't believe a company is doing. you may not agree with it but i'm not sure it is corruption? >> when you look at kinds of campaign contributions that the wall street is put into the democratic party and very light hand they have received, in the wake of the financial crisis, there is something fundamentally wrong. but what i want to get to we shouldn't confuse dealing with that with some of the policies that we've had to correct income inequality across the broader spectrum of the population and deli terrorist consequences they have on the labor force -- deli tear russ. we had dramatic expansion of food stamps and medicaid and so forth. what do we have to show for it? over the last 15 years the u.s. economy generated only 30,000
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jobs a month. it has grown less than 2% a year. now one out of every six adult males between the ages of 25 and 54 is jobless. has very little prospect. it looks very much like france, italy, greece. so let's not use this as an excuse for policies. melissa: before we run out of time i want to ask you. they make the argument when you take a dollar away from wealthiest person most likely to save it give it to poor person that spends it immediately that it is better for the economy. is that true or not? >> that is not true. they may spend a little bit more but hardly invest very much. dollar in the hands of a steve jobs goes a long way to creating a lot more jobs than giving a dollar to someone to buy some fritos. melissa: peter, thanks for your time. i love fritos but i hear you. >> so do i. >> new flair in the mobile payment space. loop's ceo wants to help take the cash out of your wallet and he is here exclusion live to show you how.
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solarcity wall street throwdown. it reports earnings "after the bell." we take it to the mat for a faceoff. the referee is ready to go. are you ready? >> [blowing his sill] melissa: all right. do you have ever have too much money n ♪
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melissa: all right. i want to show you darden restaurants right now. they're having a tough day, look at that down better than 5%. largest operator of full-service restaurants saying today they will spin off red lobster in spite of fact that activists investors are doing something else in order to raise cash. they're saying the weather has been hurting their bottom line. you can see that it is hurting investors of their stock today. if you like the idea of keeping cash out of your transactions here is a way to stay in the loop with the newest mobile payment technology.
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loop pay aims to keep all the credit cards in one slot and paying with plastic as easy as pushing a button. in the age of hacking though, we're wondering is this secure? here is cofounder and ceo in a fox business exclusive. thanks so much for joining us. i have a little loop fob with me here. tell me exactly how this works. is this what i carry instead of my wallet? >> great question, melissa. yes, instead of carrying your wallet with different cards, payment cards, difficult cards, i.d. cards, loyalty cards, you can take all the cards to swipe them into your loop wallet app which is a free wallet app you can download from the app store. you plug in the loop fob and take the cards and swipe them in one at a time. that is the beauty of the solution. you can load them all in. and it is secure because, in order to get into your application you need to enter your pin first.
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before you actually get into your app. melissa: okay. >> if you lose the fob you can also look this device so you don't lose all your cards and -- melissa: slow down. i have a got a bunch of questions for you on what you just said. >> sure. melissa: if i lose my phone, if somebody can hack in pass the password they have all my information, right? >> yes, if they have their your phone and your password then they can access your card. by the time they get ahold of your phone you probably noticed that you lose your phone within probably six minutes. and most people, report that within six or seven minutes, you notice that your phone is lost. >> yeah. depend if i have both my kids with me. after i'm carrying everything, i don't know may take me longer to figure it out. this isn't that small though. why do i have to carry this as well? are you getting to a point where you can pay with the phone and nothing else? >> that's a great question, melissa. we are coming out, not only with the loop fob, the loop fob is the first product we're coming out with. it allows you to load your cards and also store it as a backup.
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but, in april, we're going to be coming out with a loop charge case. and it is a case that comes right on your phone. it allows to you get your loop information and all your cards stored in here as well. we have a bunch of other app accessory devices coming. melissa: i don't want to run out of time. let me aak you how you make money. >> sure. melissa: that is the name of the show. the fob is 40 bucks. the phone case will be 100. is that it? is that where you make your money? do you also get a credit card fee per transaction? are there add-on fees? how do you make money? >> we don't charge any credit card fees or add-on fees. the way we make money in tte longer run is that we work with the card issuers to get your cards into the phones so that you eventually think will be more convenient. in the longer run we hope that there's enough convenience in here that the merchants would want to be able to send you offers and deals and have a more secure transaction between you and the merchants. and then, at that point, maybe
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we can charge some advertising dollars. melissa: so you would be the sort of organizing like everyone else out there, you would be organizing and tracking my information and kind of seeing, maybe algorthymicly what my presences are are and selling that information to someone? >> it is more not selling the information to them but more providing a convenience and a channel and a container for you to store your information. but this is also a great place for you to have transactions that can come to you so you can buy from your favorite merchant. melissa: yeah. >> and be able to click and do a more secure transaction. so that's when we make money. melissa: thank you so much for coming on. i'm sorry we're out of time. best of luck to you. interesting device. >> thank you, melissa. melissa: up next solarcity smackdown. we're going head-to-head over elon musk's solarcity which has earnings out after the close. tweet me and tell me if you're a elon bull or bear. markets may be getting hammered but some people are still making a few bucks. stick around to find out who.
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melissa: it's a big day for the markets. investors are selling stocks. energy is seeing a large move into the green. one of my favorite guys, tome kloza, chief oil analyst at gas buddy joins me on the phone. tom, great to talk to you. tom, this is an energy story, isn't it? >> it is but i think there is a lot more important things to worry about in the u.s. and probably we don't need to worry about higher gasoline or natural gas or even heating oil and diesel prices because of this. it is really something that's going to impact our european brethren. melissa: why are we seeing, i'm looking at crude oil right now, i'm seeing a run-up of 2.25%? >> russia produces about 10.6 million barrels a day of crude and there is a threat that things could break down a little bit further there most of their
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exports are either used to domestically or go into europe some europe has this tremendous codependent on symbiotic relationship and they're really vulnerable. the united states is insulation nation. we're making so much more crude that it really shoulding insignificant in terms of our own borders for the rest of the year. melissa: and especially when you look at the price of natural gas and it is falling in the face of all this because all we're doing for our own supply. how hard do you think it would be to export the technology to europe and help them get into the fracking business? >> well i don't think it is that difficult to export natural gas over the long term but it is not something we can do very, very quickly. it is interesting because, russia as topography very similar to ours and the international energy agencies and our groups think they will only get 40, 50,000-barrels a day of shale oil. there is something that happens here because of entrepreneurism
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and infrastructure, not happening in other parts of the world. melissa: tom kloza, thank you very much. president obama is making comments on the ukraine. let's listen in to that. >> people of ukraine to determine their own destiny. russia has strong ties to the ukraine. there are a lost russian nationals inside of ukraine as well as native russians. as there are a lot of ukrainians inside of russia. there are strong commercial ties between those two countries and so, all of those interests i think can be recognized. but what can not be done for russia with impunity to put its soldiers on the ground and, violate basic principles that are recognized around the world. and i think the strong con dep nation that it has received from
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countries around the world indicates the degree which russia is on the wrong side of history on this. we are strongly supportive of the interim ukrainian government. john kerry will be traveling to kiev, to indicate our support for the ukrainian people to offee specific and concrete packages of economic aid because one of the things we're concerned about is stablizing the economy even in the midst of this crisis. and what we are also indicating to the russiann is that if in fact they continue on the current trajectory that they're on that we are examining a whole series of steps, economic, diplomatic, that will isolate russia and we'll have a negative impact on russia's economy and its status in the world.
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we have already suspended preparations for the g8 summit. i think you can expect there would be further follow-up on that. i think we're taking a look at a whole range of issues that john kerry mentioned yesterday. and the question for mr. putin who i spoke to directly, and the question for the russian fact their concern is that the rights of all ukrainians are respected, if in fact their primary concern is as they have stated is that russian speakers, russian nationals are not in any way harmed or abused or discriminated against, then, we should be able to set up international monitorses and, international effort, that mediates between various parties, that is able to broker
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a deal that is satisfactory to the ukrainian people, not to the united states, not to russia but to the ukrainians. and we should be able to deescalate the situation. so we've been very specific with the russians how that might be done under the auspice of the united nations or osed, or some other organization and john kerry will go through that further when he arrives. there are really two path that is russia can take at this point. obviously the facts on the ground in crimea are deeply troubling and russia, has a large army, that borders ukraine but what is also true is that over time this will be a costly proposition for russia and now is the time for them to consider whether they can serve their interests in a way that resorts
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in diplomacy and as opposed to force. one last point i would make on this, you know, i have heard a lot of talk from congress about what should be done, what they want to do. one thing they can do is right away is to work with the administration to help provide a package of assistance to the ukrainians, to the people in that government and, when they get back in, assuming the weather clears, i would hope that would be the first order of business because at this stage there should be unanimity among democrats and republicans that when it comes toopreserving the principles that no country has the right to send in troops to another country unprovoked, we should be able to come up with a, unified position that stands
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outside of partisan politics. my expectation is, that, i will be able to get congress to work with us, in order to achieve that goal. melissa: that was president obama speaking right now on the situation in ukraine saying that russia can not put soldiers on the ground and violate basic principles held around the world, saying that we support the interim government in the ukraine and saying that the u.s. should take steps to stablize the economy in ukraine. that is your money he is talking about there, saying that warning, russia that this could end up being financially very costly for them and calling for international monitors to come into the situation and mediate it. so we're keeping an eye on that situation. the market turning a bit lower as the president was speaking there. we're down 170 points there on the dow right now. turning back to markets, shares of the energy darling, solarcity falling today ahead of its expected earnings report. so far it is just a minor bump in the road for elon musk's
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other company. solarcity climbing over 40% since the start of the year but can you really be a believer in company that has never earned a dime, it has never earned a profit? the topic of today's solar powered "wall street throwdown." jonas max farris is in the bear corner. he is a fox news contributor and representing the solarcity bulls, president of a and g capital, hilary kramer. [blows whistle] melissa: there we go. that is how we know it started. hillary, make the bull case. why do you like this? >> there sin credibly market share, 32% in the residential arena, but in commercial, sales grew 116%. seal lar city is a system that provides solar panels, energy production, electricity for companies like walmart, ebay, intel. they're in stanford university. solarcity continues to grow and now that elon musk has launched
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his $5 billion eye on battery, lithium battery factory that is going to be the -- for growing scale there. melissa: okay. jonas, i hear all that. i keep going back to the fact they haven't figured out a way to make money. seems like if you like betting you should get anyone at stock. if you don't want to spend cheese going to vegas, spend your money on solarcity and ride until it crashes. >> the losses in the past are not the problem. it is losses in the future i'm worried about. >>, no. >> let minimum make his case you can come back. >> i called solarcity to get a rooftop installation in my house in connecticut. melissa: no you have not? >> yes, i have. among three other companies, many are defunct today because, and that is connecticut you get federal incentives a third paid for by the federal government, state kicks in and still doesn't make any economic sense. second highest electricity cost after hawaii in america. other states have cheap power. average american pays $110 for
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electricity at month. that is the problem. you can't put 10, 20, $30,000 of junk on your roof and make the math work even in the low interest rate environment. melissa: hillary, the math is problem. how do you get around the math? >> first of all solarcity said in terms of guidance that 2014 will be net cash flow positive. they have given that guidance. also, again, let's go back to lithium-ion battery pack. what is the challenge with solar? trying to capture energy for when the sun goes down. with that battery pack it provides so much opportunity for future for solarcity. then never bet against elon musk. you did that last time, jonas. >> jonas, get in there. >> tesla, when you said they were -- melissa: low blow, jonas. get in there. >> i'm well aware of elon musk bubble and how hard it is to short it but adding another $10,000 in batteries to that equation in my house is not better. makes matter work. if you had tesla park and get
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all the dead battery capacity sure but you're not making sense. the numbers don't work. analyst subscription model they will never get more than $200 a month. you can't finance panels. >> growth is there they have installed 567 megawatts -- [whistle blows] melissa: there you go. that was whistle. it is over, guys. thanks so much. we will see who was ahead on points there. thanks to both of you. up next, marketing monday. all about bad marketing. have you seen this? arm pit of america campaign. guess which state they're talking about? jersey. have you seen this one if bruce turkel is here to sort it all out. smell as little funky to me. at the end of the day it is all about money. cialis tadalafil for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet helpsapproved to treattime the msymptoms of bph, like needing to go freently. tell yr doctor about all ur medical conditions and medicines, and ask if your heart is healthenough for sex.
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>> i'm cheryl casone with your fox business brief. consumer spending up for tenth of a percent from december. despite the bad winter weather. personal income increased three tenths of a percent. u.s. manufacturer accelerating with a boost in new orders. overall factory activity rose last month rebounding from january 51. anything above 50 signals growth. the bitcoin exchange that filed for bankruptcy is blaming hackers for still in the bitcoin
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worth about $500 million. the ceo says there was high probability behind the losses and the company is looking into a criminal complaint. that is the latest from the fox business network, giving you the power to prosper. "money" will be back in just a moment. the's this kid.
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coach calls her a team player. she's kind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he's a great passer. dependable. a winning team has to have one. somebody you can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfather. i'm very pround of him. her. them. melissa: nothing can hurt a
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business more than bad marketing. if you check out this group are of an ad. they're trying to win over residents of new jersey by calling i at the armpit of the world area did i kid you not. this is a case. oh, my lord, what were they thinking? >> more importantly, they weren't thinking. since the show jersey shore being called an armpit is a step up, but the folks at dove weren't thinking. dove has been doing a good job talking to women about body image, everybody is beautiful. but then all of a sudden they went into this. i don't get it. melissa: i don't get it either. i don't think people like "jersey shore." they have the fox hunt, they have beautiful things in
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new jersey that they want you to think. armpits is not one of them. remind people in new jersey it has been called the armpit of the universe. >> worse than that, do they think they will be they want to change people's opinions of armpits? like preparation h same we will change people's opinions of butts. it is not going to happen. melissa: we are talking about it, it is getting attention so maybe that is a good thing. is there a possibility there is a silver lining in the armpit? >> plenty of people who don't live in new jersey. this was a localized campaign, a billboard campaign talking to new jersey -ites. now the whole country is hearing about it, so the other 49 states may say that is funny, i will try the product. the jersey market, forget it. melissa: forget about it. they want nothing to do with it.
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we will have to come back, we're out of time. i love you, the thank you for cg on. we're counting down the last hour of trading. liz claman with what is coming up on the closing bell. liz: this is a bit of encouragement over the last 25 minutes. look at the dow jones industrials coming back, make no mistake, this is all about the showdown that is happening in the southern region of ukraine with the russians. a major military situation here, you can bet every single government that is out there in europe, eastern europe and in the united states is trying to figure out what to do. that is why the reaction is palpable here. we're bringing in mark, huge at pimco. they will be talking about the exact names they are buying right now today. don't run from the market, don't panic. we will be talking much more. 60 billion in market cap from
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the russian stock exchange has been sliced, so how is that melissa: it is really interesting and i cannot wait to hear what your guest has to say. definitely both sides of the coin. thank you. in case you missed it yesterday, rich edson hit the ice for some pond hockey, all in a days work at fox business. you can never have too much money. or too much pond hockey.
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melissa: i want to show you a stock really popping right now despite the fact the market is down. popping 10% right now on the
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back of reports r.j. reynolds is exploring a bit for the cigarette maker. you will remember they saw 80% of their sales come from newport brand, menthol cigarettes. the stock pumping higher, it is possible talk of a takeover. i want to show you the dow as well. down 135 points, making our way back from the lows of the session adding back some points there. coming uu on "money," being protected by those that are supposed to protect you. does that sound familiar? the consumer financial protection bureau you have to worry about. wait until you hear why. you can never have too much money. we will be right back. [announcer] welcome to the all-new intuit quickbooks.
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we only know one direction: up so we' up eay. up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out iyour business can qualify at start-upny.com melissa: you notice every good sign when you need a watchdog to control the consumer watch. the house passing a deal that would completely overhaul the
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consumer finance protection bureau. safeguard the personal information of people everywhere. republican congressmen of north carolina cosponsored the bill and he joins us now. what is the biggest threat coming from this group? >> the consumer financial protection bureau is anything but a protection bureau. you have a director who is accountable to nobody, not even the president can fire him. he is a financial dictator. 1200 employees who work at the absolute discretion. the evidence of that is found in frankly the fact the building they are renovating today they'rtheyare spending over $15. melissa: what is the threat, what specifically do i have to worry about as an individual? >> your financial information. they hold all your information and have full discretion over it. they know where you shop, i know your financial bank accounts, they have total knowledge of everything.
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it requires them to be accountable and to not release any of that information apart from the agreement. melissa: i don't want them to have all that information, but what is the dangers of having it? somebody will use it to steal my identity? they will sell it to marketers? what is the danger danger than g that information? >> the danger is what we have seen in washington through the irs, the attorney general is the abuse of power by the federal government. and by this administration. there has been no respect for the american people. where involved in 2240 oversight hearings per week over these kind of manners. marketability for the federal government to abuse information they have about you. they're going after be blessed the irs because information they had on them. melissa: this area have to
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gather credit card rates so they can know what abuses going on and if they went ahead and asked people for this if they could have the information people would say no, that is why they don't tell you. do you buy that argument? >> i by the fact the market works. again you have a problem with a centralized government micromanaging everything, doing that right now. it tells banks exactly who they can't loan money to. that is how we got that problem to begin with. they were creating the credit values out there. that is a problem with centralized planning. that is a problem with having a financial dictator at the helm. those people, did you know there are 6% of the people making six-figure range, 50 of them making multiples? melissa: we're out of time. thank you for coming on, we appreciate your time.
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i hope you are making money today despite the fact we have a market down 155 points. don't worry, "countdown" starts right now. liz: the crisis in ukraine sends tremors through the world market as russian troops tighten their grip on crimea as tanks and containment spreads. willie is a bank system to turn up the heat on putin? our all-star panel will tell you what they mean for your money. pimco, the largest on fund transit stock to find opportunities in that chaos. they are ready to open are investing playbook for you. mark kiesel also says don't rule out the u.s., there are plenty of places to invest right here. first on fox business interview. you need to see this, samsung front and center at the oscars but what was allen's phone when the